The Latest Asset Auction Law of 2016, Law No. 01/2016/QH14 enacted by the National Assembly

Buzz

Ngày cập nhật gần nhất: 1/5/2026

Content

Law No. 01/2016/QH14 stipulates the principles, procedures, and formalities for asset auctions.

1. Overview of the Asset Auction Law

Asset Auction Law: content and the necessity of enacting the law

2. Key Points of the Asset Auction Law

Asset auction activities are increasingly prevalent across various sectors and services, following market mechanisms. Therefore, to establish a legal framework for this activity, the asset auction law was promulgated in 2016. Let's delve into the details with Mytour in the following article.

To safeguard the rights and interests of entities participating in asset auction activities, the National Assembly enacted the Asset Auction Law 2016. This also serves as the basis for state management of asset auctions.

Law No. 01/2016/QH14 stipulates the principles, procedures, and formalities for asset auctions.

Article Contents:
1. Overview of the Asset Auction Law.
2. Key Points of the Asset Auction Law.

* Download the latest Asset Auction Law HERE

1. Overview of the Asset Auction Law

- The latest effective Asset Auction Law is Law No. 01/2016/QH14, also known as the 2016 Asset Auction Law.

- The law comes into effect from July 01, 2017, except for the provisions in Clause 4 of Article 80 which come into effect from January 01, 2017.

- The Asset Auction Law consists of 8 chapters with 81 Articles as follows:

+ Chapter I: General provisions (from Article 1 to Article 9)

+ Chapter II: Auctioneers, asset auction organizations (from Article 10 to Article 32)

+ Chapter III: General auction procedures (from Article 33 to Article 54)

+ Chapter IV: Auction of assets mandated by law to be sold through auctions (from Article 55 to Article 65)

Section 1 on general provisions

Section 2 on Asset Auction Council

Section 3 on auctioning bad debts and collateral assets of bad debts

+ Chapter V: Auction service fees, asset auction costs (from Article 66 to Article 68)

+ Chapter VI: Handling violations, cancellation of asset auction results, compensation for damages

+ Chapter VII: State management of asset auctions (from Article 77 to Article 79)

+ Chapter VIII: Enforcement provisions (Article 80 and Article 81)

Observing, fundamentally, the law provides regulations on procedures for conducting asset auctions along with principles, procedures; regulations on auctioneers and asset auction organizations; auction service fees, etc.

Additionally, there are some documents guiding the implementation of this law such as the Circular guiding the Asset Auction Law, Decree No. 62/2017/NĐ-CP guiding the Asset Auction Law

Asset Auction Law: content and the necessity of enacting the law

2. Key Points of the Asset Auction Law

- Scope of regulation: assets to be sold through asset auctions; assets chosen for auction by organizations, individuals voluntarily.

- Principles of asset auction: transparency, independence, integrity, honesty, objectivity, protecting the rights and interests of participants. Moreover, the Asset Auction Law also clearly delineates the legal responsibilities of auctioneers, asset auction organizations, auction participants, and prohibited behaviors.

- Regarding auctioneers: conditions to become an auctioneer:

+ Attend asset auctioneer vocational training course: 06 months

+ Apprentice: 06 months + pass the apprentice auctioneer profession test

=> Enhance auctioneer standards, narrowing down the exempted from auctioneer vocational training (lawyers, notaries, inheritance agents, asset managers, arbitrators with over 02 years of professional experience will be exempted from asset auctioneer vocational training)

- Regarding asset auction organizations, including: (1) Asset Auction Service Center, (2) asset auction enterprises must register their activities with the Department of Justice.

- Regarding the procedures for asset auction:

+ Listing asset auction information: clear, transparent, public, widespread. Accordingly, the law has shortened the time for listing real estate auction notices to 15 days before the auction date instead of the previous 30 days.

+ The time for listing real estate auction notices remains unchanged at 07 days before the auction.

+ Forms of auction include direct voting, indirect voting, and additional online auction forms.

+ Specific regulations on 05 cases of canceling auction results

- Regarding auction service fees, asset auction costs: determined according to the market service price mechanism agreed upon by the parties and must still comply with the framework set by the Ministry of Finance.

- Furthermore, the Asset Auction Law also clearly affirms the state management responsibility for asset auctions: ministries, agencies under the government coordinate with the Ministry of Justice in state management of asset auctions.

Thus, the Asset Auction Law has been shared by Mytour in this article. From that, recognizing the importance, the necessity of issuing regulations, institutions in the field of asset auctions. Besides, the Budget Law also has a close relationship in asset management, inviting readers to refer for more information.

Frequently Asked Questions

What is the significance of the Asset Auction Law enacted in 2016?

The Asset Auction Law, enacted in 2016, establishes a legal framework for asset auction activities, safeguarding the rights of participants and ensuring transparent procedures. It regulates auction principles, procedures, and responsibilities of auctioneers and organizations.

What are the key points outlined in the Asset Auction Law?

The Asset Auction Law emphasizes transparency, independence, and integrity in asset auctions. It regulates auction procedures, service fees, and delineates the responsibilities of auctioneers, auction organizations, and participants while prohibiting certain behaviors.

What are the requirements for becoming an auctioneer under the Asset Auction Law?

To become an auctioneer, one must complete a 6-month vocational training course, undergo a 6-month apprenticeship, and pass the professional test. Exemptions apply for experienced professionals like lawyers and notaries.

How does the Asset Auction Law address auction service fees and costs?

The Asset Auction Law stipulates that auction service fees and costs are determined by market mechanisms agreed upon by the parties involved while adhering to the pricing framework set by the Ministry of Finance.

What are the procedures for conducting asset auctions as per the law?

The law outlines clear procedures for asset auctions, including public listing of auction information, which must occur 15 days prior to the auction date. It also defines various auction methods, including direct, indirect, and online auctions.

Mytour's content is for customer care and travel encouragement only, and we are not responsible.

For errors or inappropriate content, please contact us at: [email protected]